HomeOwnershipMadeEasyinSchenectady

Ourteamisheretoeducate,assist
andprovideyouwithresourcesandtools
thatwillmakeyourhomebuying
experienceeasy.

5183825147
www.key2city.org
HomesOpenHouseWeekendsare
usuallyheldthethirdSundayof
eachmonth.ChecktheDaily
Gaze eforacompletelis ngof
ourfeaturedhomes.Letushelp
youfindtheperfecthome.

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FIRSTTIMEHOMEBUYERS
HOMESprovidesFirstTimeHomeBuyers
assistancethroughtheSecondMortgageProgram
whichprovides:

Aloanofupto10percentofthepurchaseprice
ofapropertytousetowarddown
paymentand/orclosingcosts.

Aninterestrateof4percentwithafiveyear
term.

Seventyfivepercentoftheassistancewillbe
convertedintoagrantifthepurchaserresidesin
thepropertyforatleastfiveyears.
Learnmorebyvisi ngwww.key2city.orgorby
calling5183825147.

HOMESoersworkshops
forhomebuyers
SchenectadyMayorGaryMcCarthyannounced,on
February19,thatHOMESwillaoeraseriesof
workshopsperformedbyBe erNeighborhoodsInc.
(BNI)topoten alhomebuyers.Theworkshopswill
walkhomebuyersthroughtheprocessof
purchasingahome.Dontwait!Checkoutour
CityWideOpenHouseWeekend.Learnaboutthe
opportuni esavailablethroughHOMESand
purchasetheperfecthomeforyouandyourfamily.

Nowisthe metobuy
JoelBisaillonJr,RegionalSalesManagerforKeyBankMort
gage,aHOMEpartner,oeredsomeadvicetobuyersinan
ar cleherecentlyauthored.Itsabuyersmarket,wrote
Bisaillon.Inventorycon nuestoincrease;prices,ifnotde
clining,haveremainedsteadyinmanymarkets;andinterest
ratesremainhistoricallylow.
Whenitcomestoge ngaloan,Bisaillonsaid,doingyour
homeworkpayso.Youwillwanttomakesureyouknow
whattoexpectfromtheprocess.Heoersthefollowing
steps:

Checkyourcreditscore.ThehealthieryourFICOscore,
thebe eryourratewillbe.But,evenifyourcreditisnot
stellar,thereares llop onsavailabletomostpoten al
homebuyers.Takethefollowingsteps:
Determineyouravailabledownpayment.Howmuchwill
youbeabletoputdownonahouse?Youshouldhaveat
least5percent,but20percentdownwillsaveyoumoney
andcouldimproveyourinterestrate.Ifyouhaveless
thanstellarcredit,asubstan aldownpaymentcould
makeiteasiertogetapproved.

Researchinterestrates.Donotgointotheprocessblind.
Readuponwhatisbeingoeredrightnowandgetrate
quotessoyoucanmakeaninformeddecision.

Collectpaperworkanddocumenta on.Youwillneedto
providepaystubsforthepast30days,W2formsortax
returnsifselfemployed,aswellasstatementsfrombank
andinvestmentaccountswhenyoubegintoapplyfora
loan.

Getpreapproved.Youwillnedapreapprovalle erfrom
alendertoputanoeronahome.

Manybankshaveprogramsthatcatertotheneedsofindi
vidualswhorequirealterna vefinancing,hewrote.Forex
ample,KeyBankoersclientsupto100percentfinancing
throughtheHOMES/KeytotheCityprogram.Otherlenders
oerotherprogramstohelpindividualsandfamiliesfulfill
thedreamofhomeownership.

Bisaillonsaidthattakingstepstoorganizeandpreparefor
thefinancingprocesswillenableyoutotakeadvantageof
theprimerealestatecondi onsthisspring.Hesuggeststhe
following:

Makethefinancingprocesseasierbyge ngpre
approvedforaloan.Whenyouarepreapproved,you
knowyourpricerangeforshopping,youaremorea rac
vetosellersandyoucanexpeditetheclosingprocess.

Shopsmartandstaywithinyourpricerange.Saveyour
self meandpossibleheartachebyshoppingforhomes
youcanactuallyaord.Manypeoplehavehadtosellor
forecloseontheirdreamhomebecausetheywerein
overtheirheads.

Lookforlenderswithhistoryandstability,suggests
Bisaillon.Newregula onsareshakinguptheen reindus
try.Sonow,morethanever,considerthevalueoffinancing
yourhomepurchasewithacredibleandstableins tu on.

Bisaillonsuggeststhata eryouhavehadtheopportunityto
talkwithlenders,youshoulddeterminethetypeofloanthat
bestsuitsyourneeds.Hesaidthattheremanytypesof
loansavailableincludingfixedrate(FRM),adjustablerate
(ARM)andgovernmentinsuredloans.Thetypeofloanyou
choosewillreallydependonyourpar cularsitua on,suchas
howlongyouplantostayinthehomeandthemonthly
paymentyoucanaord,saidBisaillon.

Checkyourcreditreporthere:h p://www.annualcreditreport.com

YourCreditReport

Youcanalsocontactthethreemajorcreditrepor ngagencies:
Equifax:180067851111*TransUnion:18009168800*Esperian18883972742

HOMESPARTNERS
WhatdoesHOMES
oeryou?

LocalMarketUpdate
CityofSchenectady
ChangeinNewLis ng18.6%
ChangeinClosedSales:+113.3%

KeyBank
Pruden alManorHomes
SRGArchitecture,

HomeOwnershipEduca on

LegereRestora on,

Workshops

SchenectadyCitySchools

AlistofForeclosedProper es
and
OpenHouseWeekendLis ngs

Grants&HelpwithDown
Payments

TheDailyGaze e,
OSM,
USDepartmentofHousing
UrbanDevelopment
GCARGreaterCapital
associa onofRealtors

Renova onLoanFHA203

CDTA

(k)

ProspectLending,

FinancialIns tu ons

ColdwellBankers

ExpertRealEstateAgents
Connec onstoImportant
City&CommunityResourcesin
cludingMunicipalServicesand
theSchenectadyCitySchoolDis
trict

NBTBank,

Wewillconnectyouwithexperts
whowillmakehomeownershipin
Schenectadyeasy!

SONYMA
Trustco
TheHomeDepot
Crea ngWhyMedia
CapitalDistrictCommunity
LoanFund
NYSHCR.
SchenectadyCountyHabitat
forHumanity
CommunityLandtrustof
Schenectady

Dontwait!
Nowisthe metobuyyourhomeinSchenectady!

Be erNeighborhoodsInc
Homesteadfunding.
M&TBank